A SOLANA TREASURY COMPANYPREVIEW

We turn conviction
into permanent SOL.

Bull Strategy issues equity and convertible token-bonds at a premium to net asset value, and spends every lamport on SOL, the digital energy of the fastest chain. Reserve per token only goes one way.

Buy $BSTR on pump.fun Read the terminal

"Volatility is vitality." - the Chairman

The flywheel

The premium is the fuel. Above 1.0x, issuing $BSTR to buy SOL raises the SOL behind every token. It is accretive dilution, and it compounds.

Premium $BSTR trades above the SOL it holds. mNAV prints over 1.0x.
Issue Sell $BSTR or a token-bond into that premium. Raise dollars cheaply.
Acquire SOL Every dollar becomes reserve. The treasury only grows.
Reserve per token rises Fewer strangers, more SOL each. The story strengthens. Repeat.

Below 1.0x the wheel spins backwards: issuing to buy would destroy reserve per token. The gauge turns red. We stop issuing and let the reserve carry.

Treasury terminal

The numbers Strategy taught the market to watch, ported to SOL. SOL/USD is live. The reserve and market cap are a deterministic preview until the mint and treasury wallet are set.

SOL reserve ?Total SOL held by the treasury. Strategy's Bitcoin holdings. - $-

SOL per 1M BSTR ?Reserve divided by supply. Their BTC-per-share, the metric everything derives from. - the base metric

SOL Yield ?Percent growth of SOL-per-token since genesis. Their BTC Yield. Pays no cash: it measures accumulation. - since genesis

SOL Gain ?Opening reserve times SOL Yield, expressed in SOL. Their BTC Gain. - $-

Torque ?Reserve value divided by dollars actually deployed to acquire it. Saylor's leverage-per-dollar. - reserve $ / deployed $

Assumed diluted supply ?All BSTR plus everything convertible, counted as if exercised. Deliberately conservative. - fully diluted

Acquisition ledger

live SOL/USD price. each white dot is a treasury buy (preview), sized by SOL, on the real price of its day.

The credit stack

One common token, four tiers of token-bonds. Seniority runs top to bottom: the senior tiers get paid first, the junior tier takes the horn first. Modelled on Strategy's STRF, STRC, STRK and STRD.

Token-bond desk

A convertible token-bond is a bond plus a free call on $BSTR. You accept a low coupon; in exchange, if $BSTR crosses the strike, your principal converts to tokens and rides the upside. You are selling us your volatility. We buy SOL with it.

Illustrative. Coupons and conversion are modelled, not a live contract. Reference price is a placeholder until the mint is set.

The 88/88 plan

A commitment to raise 88M dollars of equity and 88M dollars of fixed income by 2028, and route all of it into the reserve. Strategy called theirs 21/21, then 42/42. We think bigger, because the bull does.

From the Chairman

Fellow holders,

Every treasury on earth is bleeding energy into paper that decays. We chose the opposite. We take the market's excitement and its impatience, and we crystallise it into SOL that never leaves the vault.

When the terminal is green we issue and we buy. When it is red we go quiet and let the reserve stand. We are not trying to be clever. We are trying to hold, forever, more SOL per token than we held yesterday.

There is no second best. The herd never sells.

- The Chairman, Bull Strategy